Purchasing a car is a big decision, but it’s important to remember that there’s not necessarily a good time to buy or sell. Accordingly, today’s simple guide is looking at several critical things you may want to consider to help you decide when to buy.
How Economic Factors Drive Car Purchase Prices
While the best bargains are generally found in December – when dealerships cut prices and private sellers look to move on second-hand vehicles more quickly – there’s also a lot to be said for the economic climate.
Indeed, when budgets seem to stretch less far, it’s not uncommon for people to either upgrade to a more fuel-efficient vehicle or downgrade to a cheaper car to save money. The former can naturally save money on fuel costs; meanwhile, the latter can free up a large sum of money that’s otherwise tied away in the vehicle itself.
Thus, if you’re looking to buy a second-hand vehicle, making this investment during times of economic trouble might just be a good way to save money. Remember, when the number of second-hand vehicles on the market increases, prices tend to fall (and vice versa). So, if you want to buy a cheap second-hand car (without being ripped off!), looking during tricky financial situations could help. Whatever the case, though, always make sure you get a car check first to ensure the purchase is genuine.
Does the Ideal Time to Buy a Car Vary Based on New vs. Second-Hand?
Generally speaking, the ideal time to buy a car is roughly the same for new and second-hand vehicles. Indeed, while this is largely driven by the prices asked for new cars, lower new car prices can drive higher sales – meaning more second-hand cars come onto the market. As such, the best time to buy a car will largely be the same, regardless of whether it’s new or second-hand.
When Is the Best Time of Year to Buy A Car?
Generally speaking, the best time of year to buy a car is in December (or thereabout). This time of year is largely when dealers are looking to clear out the last of their current runs of vehicles in time for the new year, meaning that discounts are common – increasing demand for new cars. In turn, not only does this provide cost savings on new cars, but also drives supply for second-hand vehicles.
Before deciding whether now is the right time to buy a car, it’s crucial to consider several key factors to help inform your decision. Fortunately, the tips we’ve outlined today may help you ascertain which time of year is generally best for buying a new or second-hand car.
But what about now? Well, at the time of posting, things are looking pretty good for car buying. This is largely because of the current economic climate, meaning many people are looking to sell their cars and downgrade to a cheaper option or electric vehicle. In turn, this may mean you’ll be able to bag a bargain.
However, prices for cars are typically lowest in the early winter months, so if you were to delay your purchase, there should still be good bargains out there.